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$8,900,000
Est. payment /mo
0.57 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82050464
HOA Y/N No
Year Built 1960
Annual Tax Amount $99,689
Lot Size 0.573 Acres
Property Description
PRICE REDUCTION of $550,000! -- The Knights Inn Apartments, located at 100-106 N. Bayshore Boulevard in San Mateo, presents a rare 38-unit multifamily investment opportunity in San Mateo. The property offers a unit mix of thirty-four (34) studios (~381 sqft) and four (4) 1-Bedroom/1-Bath units (~570 sqft). Constructed in 1960 and situated on a 24,944 sqft lot, with approximately 24,592 sqft of gross building area across two (2) buildings. SB-721 COMPLIANT, BALCONY REBUILD COMPLETED, eliminating a significant capital expenditure and providing investors with a clean compliance profile at close. The property further features a secured fenced-in pool, on-site coin-operated laundry, and 36 covered carports + 4 uncovered assigned spaces. Gas and electric utilities are master metered for each building, presenting a direct value-add opportunity through implementation of a Ratio Utility Billing System (RUBS). The pro forma reflects an estimated $45,600 in additional RUBS income upon implementation.Current rents averaging approximately $1,610/month for studios and $2,085/month for 1-Bed/1-Bath units reflect meaningful upside to market rents of $2,100 and $2,395 respectively, as validated by the nearby Country Club Apts at 420 N. Bayshore Boulevard.
Location
State CA
County San Mateo
Area 699 - Not Defined
Zoning Commercial Multifamily
Interior
Heating Wall Furnace
Fireplace No
Exterior
Carport Spaces 36
Roof Type Flat,Tar/Gravel
Total Parking Spaces 4
Building
Water Public
Schools
Elementary Schools Other
Middle Schools Other
High Schools San Mateo
School District Other
Others
Tax ID 033171150
Special Listing Condition Standard
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Listed by Nate Gustavson Compass #01898316
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